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Aug 1, 2013 3:00am PDT
. >> bill: just about a minute left. can i ask you one final question, any hope for detroit? >> well, there is going to be hope because look, after you go hit the bottom, you start moving up again. the one thing i'm concerned about is that the pensions of all of these detroit retirees whose average pension is $19,000 a year which doesn't get you very far, is protected. and fortunately, in the constitution of michigan, pension protection is written in there quite plainly. and the rerepublican of the state bill shooty said those pensions cannot be affected. this is a fallout of the wild speculation and wall street, a gambling that has gone on and now they're asking all of us to pay the price. i don't think retirees -- in any place, there are other municipalities that aren't in such great shape. we want to protect those pensions and then start re-organizing. we have an emergency manager and he's a bankruptcy lawyerer. if you're not paranoid, then you won't feel badly about that. but i was worried about that from the beginning. and what did he do during negotiations? he turned around and
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